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|October 31, 2003 4:48 p.m.|
|Teva To Acquire Sicor For $3.4 Billion|
Combination Strengthens Leadership Position in Injectable and Oral Generic Pharmaceuticals and Active Pharmaceutical Ingredients
Jerusalem, Israel and Irvine, CA, October 31, 2003 - Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) and SICOR Inc. (Nasdaq: SCRI) jointly announced today that they have signed a definitive agreement providing for the acquisition of SICOR by Teva. Under the terms of the agreement, each share of SICOR common stock will be exchanged for $16.50 in cash and 0.1906 Teva ADRs. Based upon the NASDAQ closing price of Teva's ADRs on October 30, 2003, the indicated combined per share consideration for each outstanding share of SICOR Common Stock amounts to $27.50, or a total indicated purchase price of approximately $3.4 billion. As a result of the transaction, SICOR's shareholders will come to own approximately 7% of Teva on a fully-diluted basis. The cash portion of the consideration will be funded using a combination of Teva's cash on hand and committed credit facilities.